Solana Price Rises 2% On Bitwise's "New Wall Street" Claim

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The Solana price has climbed 2% in the last 24 hours to trade at $230 as of 4 a.m. EST on a alight decrease in the daily trading volume to $8.96 billion.

That comes after Bitwise CIO Matt Hougan called Solana the “new Wall Street,” putting a spotlight on the network’s growing role in finance. The statement, paired with major treasury news and industry partnerships, has pushed the coin’s visibility and attracted new investors.

“Solana is the new Wall Street” – @Matt_Hougan, CIO @BitwiseInvest pic.twitter.com/gNfEu8Pbdr
— Solana (@solana) October 3, 2025

Matt Hougan’s praise is not just empty words. He compared Solana’s path to the historic price surges of Bitcoin and Ethereum, predicting a similar cycle if key ETFs (exchange-traded funds) and upgrades go live soon.

Solana’s technology is a main talking point. Its next Alpenglow upgrade aims for transaction settlement in just 100–150 milliseconds, much faster than many rivals. Hougan also highlighted massive investments: Pantera Capital has over $1.1 billion in SOL, and Multicoin Capital, via its treasury partnership, supports Solana’s position as a backbone for global finance.

Industry insiders say this focus on speed and reliability is making SOL a go-to choice for financial institutions seeking to tokenise stocks, bonds, and more.

Traders and investors now view SOL as more than just a cryptocurrency. Major voices in finance expect new ETFs and on-chain products to push Solana’s price higher as institutional money enters the market.

On-Chain Activity Shows Growing Demand For Solana

On-chain data support the bullish narrative. Wallet addresses holding SOL are on the rise, with less SOL held on exchanges and more moved into self-custody and long-term holding. This shows users are confident about future growth and are preparing for possible staking rewards as the market matures.

New treasury moves help explain the shift. NASDAQ-listed Sharps Technology, the second-largest corporate SOL holder, just announced a $100 million share buyback program after buying over $400 million in SOL earlier this year.

🚨 Sharps Technology (Nasdaq: STSS), the 3rd-largest Solana treasury with $400M+ $SOL, announces $100M stock buyback pic.twitter.com/cQYLRZZNcs
— The Solana Post (@thesolanapost) October 2, 2025

That buyback is aimed at boosting shareholder value and signals faith in using Solana as both a cash reserve and a strategic asset. The deal, which also involved buying SOL at a discount, is making other companies consider similar treasury strategies.

Meanwhile, institutional partnerships keep rolling in. Crypto.com, a top global exchange, has teamed up with Sol Strategies to integrate validator services and run corporate treasury operations securely with SOL as the backbone.

Industry executives expect those moves to boost overall network participation.

Solana Holds Strong And Eyes Breakout

Looking at the weekly price chart, Solana is showing significant strength after bouncing from key support levels. The $182.74 price zone, the 50-week Simple Moving Average (SMA), has acted as a dependable support, with buyers stepping in multiple times when the price dipped near this level.

SOLUSD Analysis Source: Tradingview

SOL is now trading well above both the 50-week and 200-week SMA ($101.89). Recent price action shows that as soon as the coin approaches the lower part of its trend channel, new buyers appear, causing the price to rebound sharply toward the $230 resistance.

Meanwhile, the Relative Strength Index (RSI) is at 60.84. This suggests momentum favors the bulls but is not yet overbought, leaving room for further gains. The MACD is positive, with the blue line (16.78) above the orange signal line (10.61), showing buyers remain in control. Both lines being in the positive territory adds to the bullish case.

The Average Directional Index (ADX) sits at 17.35, which is relatively low, hinting that while an uptrend is present, it could get even stronger if volume increases in the coming weeks.

Resistance is at $240–$245. If SOL breaks this range, the next target could be the recent high at $295. Conversely, support sits at $182.74 (50-week SMA) and then much lower at $101.89 (200-week SMA). If the price falls below $182, selling may accelerate, but strong institutional interest suggests buyers are likely to defend this zone.

If current momentum holds, Solana’s price could punch through resistance soon, especially if ETF approvals and new treasury moves provide an extra push. But a drop under $182 could trigger a short correction before buyers return.

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